291 President Street trades for $21.5M

Overview

Happier Grocery President LLC, care of 99c, bought the mixed-use building at 291 President Street and the adjoining lot at 336 Union Street in Carroll Gardens for $21.5 million in early August, according to Brooklyn Paper, which cited a deed filed on Sept. 1. Dawson Stellberger signed for the LLC, the paper reported.

The purchase covers the entire west side of Smith Street between President and Union streets, which Brooklyn Paper and Brownstoner describe under the address 320 Smith Street. Brownstoner reported the lot frontage on Smith Street measures 200 feet and includes the empty lot at 336 Union Street.

The existing building dates to 2008 and comprises five rental apartments over a store, until recently a Rite Aid, according to Brownstoner. It has 16,091 square feet, while 28,500 square feet are allowed, or 34,200 square feet if affordable units are included, per TerraCRG as cited by Brownstoner. The property has been in the same family since at least the 1970s, Brownstoner reported.

Brooklyn Paper, citing The Real Deal, reported that the LLC known as 99c includes Stellberger, billionaire Canadian biotech entrepreneur Francesco Bellini, and Bellini's son Carlo. Before the deed surfaced, Brownstoner reported that the block front had sold to a developer who was keeping its identity and plans private, according to TerraCRG. No permits have been filed for the site, and Stellberger did not respond to questions about plans, Brooklyn Paper reported.

The sale puts a full Smith Street block front beside the Carroll Street F stop under new ownership, with zoning that allows more floor area than the existing building. Without filed permits, what comes next remains unknown.

Parties Involved 6 recorded

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Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.

Property & Project